Even if they’re aware of their retirement plan fees, most employees don’t make changes to their accounts.
More than half of defined contribution plan participants report that they noticed fee disclosures, but only 14 percent of those have made changes to their investments as a result of the expanded information about fees, according to the Employee Benefit Research Institute’s 2013 Retirement Confidence Survey.
Of those who did make changes, the most common was to move money out of more expensive investments or to take their money out altogether.
Thirty-two percent of respondents moved their money from the more expensive investments and 23 percent removed their money from the retirement plan entirely.
Eight percent of individuals actually increased the amount of money they were putting into less expensive investments; 7 percent started contributing less money to the plan and 6 percent started contributing more money to the plan.